The Invest Atlanta Board of Directors last week voted to approve a $1.17 million grant for the construction of a 36-unit affordable townhome project in the Oakland City neighborhood.
Planned for 1091-1095 Tucker Ave. SW, the project is expected to take 14 months to construct and open next spring. It has a development budget of about $10.9 million, with Invest Atlanta’s grant coming from the development authority’s BeltLine Tax Allocation District Increment Fund.
The project is being led by a partnership between the Atlanta Land Trust, which owns the Southwest Atlanta site, and homebuilder Intown Builders LLC. Atlanta Land Trust secured a $920,000 Invest Atlanta grant for a 23-unit version of the project in 2019 before bringing on Intown Builders for the current plan, according to a fact sheet for the project.
Plans call for all but seven of the project’s townhomes to be below market rate, with 18 at 80 percent of area median income and 11 at 100 percent AMI. For the project’s 13 two-bedroom homes limited to 80 percent of AMI, the expected sales price is $178,800, compared to $223,500 at 100 percent of AMI. Its three-bedrooms are expected to sell for $206,520 at 80 percent of AMI, $258,150 at 100 percent of AMI, and $350,000 at market rate.
The architect for the project, which will consist of five two-story residential buildings, is shown as Atlanta-based firm Xmetrical.